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Stock Award Plans (Tables)

12 Months Ended

Dec. 31, 2016

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Compensation Cost Breakdown in Statement of Earnings

The Company has share-based compensation plans which are described below. The compensation cost that has been charged against earnings for the Company’s stock award plans and the income tax benefit recognized in the statement of earnings for stock awards for the years ended December 31, 2016, 2015 and 2014 were as follows (in thousands):

		2016				2015				2014
Compensation cost		$	11,675			$	11,104			$	11,591
Income tax benefit		$	4,378			$	4,120			$	4,358

Summary of Stock Option Valuation Assumptions

The fair value of each stock option was determined using the Black-Scholes option pricing model. The key input variables used in valuing the stock options during the years ended December 31, 2016, 2015 and 2014 were as follows:

		2016				2015				2014
Dividend yield		None				None				None
Average risk-free interest rate			1.5	%			1.3	%			2.0	%
Stock price volatility			30	%			33	%			33	%
Estimated option term			Six years				Six years				Six years or seven years

Employee Plan [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of Stock Option Activity

The following is a summary of the stock option activity under the employee plan described above for the years ended December 31, 2016, 2015 and 2014:

		Outstanding Non- Qualified or Nonincentive Stock Awards				Weighted Average Exercise Price
Outstanding at December 31, 2013			379,604			$	55.42
Granted			75,204			$	98.91
Exercised			(119,276	)		$	42.07
Canceled or expired			(12,576	)		$	68.89
Outstanding at December 31, 2014			322,956			$	69.95
Granted			114,894			$	74.99
Exercised			—			$	—
Canceled or expired			(7,418	)		$	86.28
Outstanding at December 31, 2015			430,432			$	71.01
Granted			186,706			$	53.50
Exercised			—			$	—
Canceled or expired			(16,017	)		$	80.17
Outstanding at December 31, 2016			601,121			$	65.33

Summary of Outstanding and Exercisable Stock Options

The following table summarizes information about the Company’s outstanding and exercisable stock options under the employee plan at December 31, 2016:

				Options Outstanding															Options Exercisable
Range of Exercise Prices				Number Outstanding				Weighted Average Remaining Contractual Life in Years				Weighted Average Exercise Price				Aggregated Intrinsic Value			Number Exercisable				Weighted Average Exercise Price				Aggregated Intrinsic Value
$	31.35 – $36.35				16,910				0.1			$	32.82							16,910			$	32.82
$	46.74 – $51.23				212,335				4.8			$	50.03							56,629			$	46.74
$	64.89 – $74.99				302,735				4.1			$	70.29							202,309			$	69.51
$	93.64 – $96.85				33,987				4.1			$	94.31							22,658			$	94.31
$	101.46 – $104.37				35,154				4.2			$	102.60							23,436			$	102.60
$	31.35 – $104.37				601,121				4.2			$	65.33			$	4,175,000			321,942			$	67.73			$	1,747,000

Summary of Restricted Stock Award Activity

The following is a summary of the restricted stock award activity under the employee plan described above for the years ended December 31, 2016, 2015 and 2014:

		Unvested Restricted Stock Award Shares				Weighted Average Grant Date Fair Value Per Share
Nonvested balance at December 31, 2013			399,278			$	54.92
Granted			97,706			$	97.46
Vested			(141,870	)		$	45.64
Forfeited			(33,661	)		$	63.56
Nonvested balance at December 31, 2014			321,453			$	71.04
Granted			122,740			$	75.04
Vested			(113,958	)		$	60.73
Forfeited			(18,508	)		$	82.00
Nonvested balance at December 31, 2015			311,727			$	75.73
Granted			190,610			$	53.56
Vested			(105,109	)		$	69.93
Forfeited			(19,573	)		$	76.06
Nonvested balance at December 31, 2016			377,655			$	66.14

Director Plan [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of Stock Option Activity

The following is a summary of the stock option activity under the director plan described above for the years ended December 31, 2016, 2015, and 2014:

		Outstanding Non- Qualified or Nonincentive Stock Awards				Weighted Average Exercise Price
Outstanding at December 31, 2013			320,322			$	50.64
Granted			42,000			$	99.52
Exercised			(63,988	)		$	39.08
Outstanding at December 31, 2014			298,334			$	60.01
Exercised			(77,905	)		$	47.65
Outstanding at December 31, 2015			220,429			$	64.37
Exercised			(9,000	)		$	35.72
Canceled or expired			(6,000	)		$	99.52
Outstanding at December 31, 2016			205,429			$	64.60

Summary of Outstanding and Exercisable Stock Options

The following table summarizes information about the Company’s outstanding and exercisable stock options under the director plan at December 31, 2016:

				Options Outstanding															Options Exercisable
Range of Exercise Prices				Number Outstanding				Weighted Average Remaining Contractual Life in Years				Weighted Average Exercise Price				Aggregate Intrinsic Value			Number Exercisable				Weighted Average Exercise Price				Aggregate Intrinsic Value
$	29.60 – $36.82				21,000				0.9			$	32.69							21,000			$	32.69
$	41.24 – $56.45				71,276				2.7			$	52.34							71,276			$	52.34
$	61.89 – $62.48				41,153				4.8			$	62.34							41,153			$	62.34
$	75.17 – $99.52				72,000				5.7			$	87.35							72,000			$	87.35
$	29.60 – $99.52				205,429				4.0			$	64.60			$	1,891,000			205,429			$	64.60			$	1,891,000

Summary of Restricted Stock Award Activity

The following is a summary of the restricted stock award activity under the director plan described above for the years ended December 31, 2016, 2015 and 2014:

		Unvested Restricted Stock Award Shares				Weighted Average Grant Date Fair Value Per Share
Nonvested balance at December 31, 2013			384			$	75.65
Granted			8,160			$	99.52
Vested			(8,252	)		$	98.41
Nonvested balance at December 31, 2014			292			$	99.52
Granted			20,350			$	78.52
Vested			(18,851	)		$	79.77
Nonvested balance at December 31, 2015			1,791			$	68.73
Granted			23,074			$	64.89
Vested			(24,518	)		$	65.17
Nonvested balance at December 31, 2016			347			$	64.89

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